Adam Smith advocated ?

Related Mcqs:

1. The Ultimate effect of the invisible hand of Adam Smith is that in a competitive economy everyone ?

   A. benefits if each acts in his/her own interest
   B. will increase their profits in a free market
   C. should act to maximize economic growth
   D. should act to promote the public interest

2. Adam smith’s invisible hand concept suggests that a competitive market outcome ?

   A. maximizes total surplus
   B. generates equality among the members of society
   C. minimizes total surplus
   D. both maximizes total surplus and generates equality among the members of society

3. Adam Smith was __________?

   A. An Economist
   B. A scientist
   C. A philosopher
   D. None of these

   Submitted by: Shahbaz Jiskani

4. The classical trade theories of Smith and Ricardo predict that ?

   A. Countries will completely specialize in the production of export goods
   B. Considerable trade will occur between countries with different levels of technology
   C. Small countries could obtain of the gains from trade when trading with large countries
   D. All of the above

5. Which of the following is not a reason why Joe Smith (an American) might participate as a demander in the foreign exchange market ?

   A. his desire to open a bank account in Japan
   B. his desire to purchase an automobile produced domestically
   C. his desire to travel to Europe
   D. his desire to purchase Treasury bills issued by the British government

6. One criticism of Rostow’s theory of economic growth is that ?

   A. much available data contradicts his thesis about the takeoff stage
   B. there is no explanation of why growth occurs after takeoff
   C. his hypothesis of the stages of growth is difficult to test empirically
   D. All of the above are correct

7. Karl Marx’s historical materialism views were shaped by all of the following EXCEPT ?

   A. The French Revolution
   B. The rise of industrial and capitalist production
   C. Political and labor revolts
   D. a growing spiritual rationalism

8. Rostow’s economics stages are ?

   A. The preconditions for takeoff, the takeoff, the drive to maturity and the age of creative destruction
   B. The traditional society the preconditions for takeoff, the takeoff, the drive to maturity and the age of high mass consumption
   C. the preconditions for consumption the replication the drive to maturity and the age of high mass consumption
   D. the learning curve the age of high mass consumption post takeoff, and the drive to maturity

9. Baran’s Neo-Marxist thesis has been criticized for ignoring the probability that power is frequently ?

   A. based on an alliance between landowners and peasants
   B. based on an alliance between peasants and the foreign bourgeoisie
   C. transferred from one elite to another when revolution occurs
   D. derived from domestic opponents of nationalism

10. OECD stands for ?

    A. Organization for Economic Cooperation and Development and Development
    B. Oil Exporting Countries Development
    C. Organization for Environmental cooperative Department
    D. Open Economies Caucus on Development